Ord 2011-057 - Laserfiche WebLink

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D. The City reserves the right, at its option, to redeem Bonds having stated maturities on and after August 15, 2021, in whole or from time to time in part in principal amounts of $5,000 or any integral multiple thereof, on August 15, 2020, or any date thereafter, at the par value thereof plus accrued interest to the date of redemption maturities. E. The initial Bond shall be initially registered in the name of SAMCO Capital Markets, Inc. The definitive Bonds shall be registered in the name of Cede & Co. 3. The Bonds are in amounts sufficient to refund the Refunded Bonds set forth in Exhibit "B" hereto and to pay the costs of issuing the Bonds. The Refunded Bonds shall be subject to redemption as set forth in Exhibit "C ". 4. The issuance of the Bonds is in the best interest of the City and produces a net present value debt service savings of $719,094.52 (5.241% of the Refunded Bonds), net of any City contribution to the refunding, and a gross debt service savings of $957,986.04. 5. Without having made an independent market inquiry, and in consultation with, and reliance upon the advice of the financial advisor for the City, I hereby find that the terms and sale are the most advantageous reasonably available on the date and time of the pricing of the Bonds given the then existing market conditions and the stated terms of sale on such date and time. 6. The price to be paid by the Underwriters for the Bonds is not less than 90% of the aggregate original principal amount thereof plus accrued interest to the date of delivery of the Bonds. None of the Bonds bear interest at an interest rate greater than the maximum authorized by law. Additionally, all of the requirements of Sections 3 and 4 of the Bond Ordinance have been met. 7. The Bonds shall be in the form as set forth in Exhibit "D" attached to this certificate. 8. Pursuant to Section 19 of the Ordinance, the City agrees to provide annually to the MSRB, in an electronic format as prescribed by the MSRB, the updated financial information and operating data to the extent specified, by the times, subject to the exceptions noted, and as provided in the Ordinance and the Official Statement under the caption "CONTINUING DISCLOSURE OF INFORMATION - Annual Reports." SAN MARCOS GORB 2011: PRICING CERT. 2